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But, Have you made any money with Social Media?

SOCIAL MEDIA CRE March 2010

Social Media and Commercial Real Estate


One question I always get from people in my industry is “Have you made
any money from Social Media?” Over the
past several months, I have developed
somewhat of a reputation from peers in my
industry as someone who knows what he is
doing with social media. I do not claim to be
any kind of expert on Social Media, but what
I have done is soak in as much as possible
from the top minds in social media and extensively experiment with various
social media platforms (Blogging, Linkedin, Twitter and facebook) to see
By: Coy Davidson what is effective and what isn’t for my business.
The Tenant Advisor
When I answer the question “Yes” I can correlate some new business
www.coydavidson.com directly to my social media efforts. The second question that I know is
coming is “How much?” The R.O.I. question will always be the first or
second question. However, many people don’t really have the necessary
mind-set at least as it relates to commercial real estate or B2B sales.

Amber Naslund commented in her blog article: How I made $100K with
Twitter:
“The magic in making money with social media isn’t that the site or social
network becomes a revenue center itself. I didn’t sell stuff on Twitter. I gave
people access to me and my expertise, and paid attention to when the time
might be right to talk business.
That’s the trick here, folks. Social media is rarely the cash register. It’s
communication tools that help form the foundation for healthy business
Coy Davidson is a Senior Vice President in
relationships that might eventually lead to sales elsewhere. Whether you’re
the Houston office of Colliers International B2B or B2C.”
and the Publisher of Social Media CRE and
The Tenant Advisor. Chris Koch summed it up very succinctly in his blog article: There is
no social media strategy, only marketing strategy:
A twenty year veteran of commercial real
estate, Mr. Davidson specializes in “It’s tempting to say that because B2B sales are highly dependent on
corporate real estate services and tenant relationships, social media will eventually reign supreme. But I think the
representation. He writes, speaks and
consults on the use of Social Media in
nature of B2B makes it harder for companies and customers to have a
commercial real estate. satisfying relationship that’s entirely virtual than it is for B2C companies.
The Tenant Advisor and Social Media CRE We all know that B2B decisions take a long time and are made by
are unaffiliated with Colliers International. committee and logic rather than individuals and impulse. It’s hard to
Contact: imagine that kind of a complex, long-term, multi-person relationship ever
Direct: 713.830.2128
happening entirely or even mostly in social media. At the C-level especially,
E-Mail: thetenantadvisor@gmail.com
face-to-face remains the killer app for everyone involved.
What’s been proven to work in B2B is for marketers to reach out to
prospects with smart, engaging, educational content that leads to trust. The
trust leads to a more personal relationship and hopefully, a purchase.”
But, Have you made any money with Social Media? March 2010

My Objectives with Social Media

I have stated before my objectives with social media from the beginning was two-fold:
• Improve engagement and add additional value to my existing client base
• New business development

My expectations from the beginning were that social media would not serve as a stand-alone marketing strategy but could
serve as a valuable tool to compliment my existing marketing and client relationship efforts. So far I am very pleased with the
results. I have witnessed social media rapidly gain the attention of commercial real estate brokers. The number of brokers I
see with Linkedin, Twitter and Facebook accounts has grown exponentially over the last several months. However, I also
think many will disappear just as quickly because they will be focused on an immediate return on investment that is not
realistic and as the recovery of the economy accelerates they will return to doing business exactly as they have done in the
past. In the long run, I believe they will be missing out on a fundamental shift in B2B sales and client relationship manage-
ment that will take place over the next few years. Again, I am not advocating social media as a stand-alone strategy, but I
passionately believe it is a tool that compliments and enhances already proven business strategies.

Sources:

Amber Naslund
Altitude Branding
www.altitudebranding.com

Chris Koch
Chris Koch’s B2B Blog
www.christopherakoch.com